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Partnership

A Partnership is very similar to a sole proprietorship. The difference is that two or more people share ownership of the business, all of its assets, its profits, liabilities and debts. Much like a Sole Proprietorship, the business and its owners are identical under the law. Partners split their profits and liabilities according to their partnership agreement or contract.

Partnerships don’t pay taxes as a partnership. They file informational returns and then each partner reports their share of all the profits and losses on their own income tax report.

A partnership can be a 50/50 proposition or the percentages can be divided up however the partners choose. A general partnership assumes equal shares between the partners, unless the changes that. A limited partnership limits the owners’ liabilities and the owners’ abilities to make decisions. Also, a joint venture is similar to a general partnership, but only lasts for a specified period of time or until a particular goal is accomplished.